Memorandum from WSC to Sir Otto Niemeyer [Controller of Finance, Treasury] seeking advice about the effect of a reduction or increase in income tax on gilt edged government stock, specifically the correspondence between the rise of the stock and reduction in tax; the impact on consumers of raised taxation; consumption as an indicator of prosperity; and National Debt. He concludes "To sum up, a reduction in taxation is the greatest economic service which a state can render to the population and the surest means of creating prosperity".Unsigned carbon typescript.